 Let's Explain the Discounting Details
You send a copy of the invoice to the bank the same day you bill your customer. The bank reviews the invoice, and upon approval, the bank pays you as much as 80% of the invoice amount within 24 hours of approval. In most cases, that is within 24 hours of receipt of the invoice.
What about the remaining 20%?
That portion, minus the bank's fee, is paid
to your account when the bank is paid by
your customer.
Who qualifies for factoring?
To qualify for factoring with The Southern Bank, you need to be a commercial (business-to-business transactions) operation with commercial customers.
Some industries are not a good fit for factoring such as construction or anything with "work in progress."
Some industries that are a great fit include manufacturing, staffing and service businesses.
If your business is in need of immediate working capital, contact The Southern Bank Company.
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